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Stock Company Management is the process by which an organisation keeps in the loop and records its stocks (items) regardless of regardless of whether they were purchased, sold, or owned. It can be used to track raw materials, work-in-progress finished goods, as well as spare parts.
It is vital to have enough inventory to meet demand. You could miss out on sales if you have too little inventory, however having too much inventory can increase your storage costs and cause a lot of money to be held. The ideal amount of inventory is determined through analyzing sales forecasts, warehouse and distribution methods, as well as the performance of your suppliers.
The most important aspect of effective stock control is tracking and recording your stocks and this can be accomplished by hand or with an application on your computer that connects to your point of sale (POS) system or client management software. These systems track and monitor the stock levels in real-time and notify you of low stocks before it becomes a problem.
It is essential to regularly examine your turnover rates and look for patterns. If you have many products that aren’t selling and occupying valuable warehouse space, then take the decision to not order them in the near future and instead concentrate on marketing and driving sales of better-selling products. Keep in mind that factors beyond your control may affect the overall turnover of your stock for example, price changes from suppliers and the difficulty of finding raw materials. Different industry peak bodies as well as suppliers can release reports that highlight these types of changes, and you can always ask your business adviser for suggestions on specific stock management techniques.